Procter & Gamble selling pet food business

Procter and Gamble says Mars Incorporated has agreed to buy the IAMS, EUKANUBA, and NATURA brands for $2.9 billion in cash.

A release says the companies expect to complete the transaction in the second half of 2014, subject to regulatory approvals. Mars currently owns PEDIGREE, WHISKAS, BANFIELD, and ROYAL CANIN.

Mars Petcare Global President, Todd Lachman, said: “We view the addition of the IAMS, EUKANUBA, and NATURA brands as exceptionally strategic. This acquisition is a perfect fit with our Mars Petcare vision of making a better world for pets."

P&G’s Chairman, President and Chief Executive Officer, A.G. Lafley, said: “Exiting Pet Care is an important step in our strategy to focus P&G’s portfolio on the core businesses where we can create the most value for consumers and shareowners. The transaction creates value for P&G shareowners, and we are confident that the business will thrive at Mars, a leading company in pet care.”